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description

To maximize their effectiveness, color cases should be printed in color.

Alejandro EIsztain, CEO of Cresud S.A., is faced with the difficult choice of whether to sell, develop or continue to hold the 151,000 hectares of remaining undeveloped farmland at the company's Los Pozos farm in Argentina. Developing the land will further expose Cresud to a variety of risks related to owning and operating farmland, but the potential financial rewards are potentially significant. As competition has increased and farmland values have skyrocketed in the last eight years, Cresud's overall corporate strategy has been to increasingly focus on development opportunities outside of the country - in areas such as Brazil, Paraguay and Bolivia. Alejandro's looming decision on Los Pozos is in many ways, reflective of choices facing his company, in general.

learning objective:

This case examines the multiple issues in the alternative asset class of farmland investing. It provides an overview to the investment thesis behind investing in farmland, outlines the risks inherent in both owning and operating farmland, and it also provides a platform for discussion of what role farmland investment should hold in an investor's portfolio.